UMI Fees and Costs — USCF Midstream Energy Income Fund
Data updated: 2026-09-11
The net expense ratio is 0.69% (0.85% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $68K in broker commissions, 0.0160% of average net assets, and portfolio turnover was 21%.
UMI Fees and Expenses
Annual operating expenses and sales charges of UMI. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.85% |
| Fee waiver | −0.16% |
| Net expense ratio | 0.69% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
UMI Costs Over Time
On $10,000 invested in UMI, assuming 5% a year before costs, total costs come to $444 over 5 years, cutting the return by 0.74% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.69%) | $72 | $227 | $394 |
| Trading costs (broker commissions) | $2 | $5 | $9 |
| Lost growth on money paid in costs | $0 | $11 | $41 |
| Total costs | $74 | $243 | $444 |
| Value after costs | $10,426 | $11,333 | $12,319 |
| Impact on return, per year | 0.74% | 0.74% | 0.74% |
UMI Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0160%
- Total broker commissions: $68K
- Bought from dealers (principal trades, not a cost): $133.0M
- Portfolio turnover (prospectus): 21%
- Securities lending: none during the year
UMI Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MISCHLER FINANCIAL GROUP, INC. | $68K | 100.00% |
UMI Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $48.5M | 36.47% |
| J.P. Morgan Securities LLC | $44.5M | 33.45% |
| VIRTU AMERICAS LLC | $37.1M | 27.86% |
| Jane Street Execution Services, LLC | $3.0M | 2.22% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.